Novozymes A/S B

Novozymes is a biotechnology company based in Denmark. Co.'s business operations are centered on the development of industrial enzymes, microorganisms, and biopharmaceutical ingredients. Co. provides business-to-business biological solutions used in the production of numerous products such as biofuel, detergents, feed, and crops. Co.'s business operations are organized along two segments: the Enzyme Business which is divided into four areas, providing industrial enzymes for household care, food & beverages, bioenergy, and feed & other technical; and the BioBusiness which is home to Co.'s microorganisms and biopharmaceutical ingredients.
  • TickerNZYM B
  • ISINDK0060336014
  • ExchangeNasdaq Nordic Copenhagen
  • SectorPharmaceuticals & Biotechnology
  • CountryDenmark
Alexander Aukner ...
  • Christer Magnergård
  • Christoffer Wang Bjørnsen
  • Jon Masdal
  • Karl-Johan Bonnevier
  • Martin Arnell
  • Martin Huseby Karlsen
  • Niklas Wetterling
  • Ole-Andreas Krohn
  • Rune Majlund Dahl
  • Tomi Railo

Northern Lights

Rune Majlund Dahl

Novozymes (Sell, TP: DKK290.00) - Underlying miss in Q2

Novozymes announced organic sales growth of c-2% and a preliminary EBIT margin of c26% for Q2. Adjusted for a cDKK60m one-off, Q2 organic sales growth was c-4%, while underlying EBIT missed our estimate by c4% and consensus by c6%. The 2020 outlook is still suspended. We have changed our divisional estimates but our underlying group organic growth is largely the same. We reiterate our SELL and DKK290 target price.

Rune Majlund Dahl

Novozymes (Sell, TP: DKK290.00) - Underlying miss in Q2

Novozymes announced organic sales growth of c-2% and a preliminary EBIT margin of c26% for Q2. Adjusted for a cDKK60m one-off, Q2 organic sales growth was c-4%, while underlying EBIT missed our estimate by c4% and consensus by c6%. The 2020 outlook is still suspended. We have changed our divisional estimates but our underlying group organic growth is largely the same. We reiterate our SELL and DKK290 target price.

Rune Majlund Dahl

Novozymes (Sell, TP: DKK290.00) - Not the time to turn optimistic

While Q1 figures (announced on 7 April) were clearly better than we had forecast, further stockpiling in Household Care and Food & Beverage products in Q2 should be outweighed by weakness in Bioenergy, while tough agricultural markets should hit BioAg. We expect the stockpiling effect to reverse in H2, leaving the group back at low organic growth rates. We reiterate our SELL and DKK290 target price.

Rune Majlund Dahl

Novozymes (Sell, TP: DKK290.00) - No surprises

Following the announcement on 7 April indicating Q1 organic sales growth at c10% and an EBIT margin of c29% (came in at 28.9%) as well as divisional organic growth figures, there were no surprises in the Q1 report this morning. We believe consensus EPS estimates will not change much and see the share trading slightly down today based on the continued suspended guidance for 2020e and no comments on Q2.

Rune Majlund Dahl

Novozymes (Sell, TP: DKK290.00) - Q1 surprises on the upside

Novozymes announced Q1 organic sales growth of c10% and a preliminary EBIT margin of c29%; however, it suspended its 2020 guidance on Covid-19 uncertainty. The share buyback programme (DKK1.5bn) remains in place, as does the dividend policy and capital structure policy. Despite the better than expected Q1 we have reduced our 2020e organic growth, as the outlook for Bioenergy in particular has worsened since our last update. We reiterate our SELL and DKK290 target price.

Rune Majlund Dahl

Novozymes (Sell, TP: DKK290.00) - Low oil price to hit organic growth

History shows a strong correlation between oil price and organic growth – especially for the Household care and Bioenergy divisions. Assuming the oil price stays below USD40 until end-Q2, we have lowered our organic growth expectations and expect the flow of guidance reductions to continue in 2020e. We reiterate our SELL and have cut our target price to DKK290.

Alexander Aukner ...
  • Christer Magnergård
  • Christoffer Wang Bjørnsen
  • Jon Masdal
  • Karl-Johan Bonnevier
  • Martin Arnell
  • Martin Huseby Karlsen
  • Niklas Wetterling
  • Ole-Andreas Krohn
  • Rune Majlund Dahl
  • Tomi Railo

Northern Lights

Christoffer Wang Bjørnsen ...
  • Joachim Gunell
  • Jon Masdal
  • Karl-Johan Bonnevier
  • Martin Hoang Nguyen
  • Martin Huseby Karlsen
  • Mattias Holmberg
  • Niclas Gehin
  • Nicolas McBeath
  • Niklas Wetterling
  • Ole-Andreas Krohn
  • Patrik Ling
  • Rune Majlund Dahl
  • Simen Mortensen
  • Tomi Railo

Northern Lights

Håkon Astrup ...
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Rune Majlund Dahl

Northern Lights

Håkon Astrup ...
  • Niclas Gehin
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Rune Majlund Dahl
  • Simen Mortensen
  • Viktor Trollsten

Northern Lights

Jesper Ingildsen ...
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Rune Majlund Dahl

Northern Lights

A double requalification allows NOVOZYMES A/S to improve to Slightly Positive

NOVOZYMES A/S (DK), a company active in the Specialty Chemicals industry, has received a double requalification by the independent financial analyst theScreener. Its fundamental valuation is now 3 out of 4 stars while its market behaviour can be considered as defensive. theScreener believes that the gain of a star(s) and an improvement in the market risk perception allows upgrading the general evaluation to Slightly Positive. As of the analysis date January 21, 2020, the closing price was DKK 331.30 and its potential was estimated at DKK 360.61.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

Novozymes - AGM 26 February 2020

In general, Novozymes is in compliance with the Danish regulations relating to the organisation and procedures of the Annual General Meeting. In view of insufficient independent representation on the board as well as concerns over aggregate time commitmetns, ECGS normally would have recommended to vote OPPOSE to the (re-)election of: Mr. Cees de Jong (ITEM 6a), Mr. Kasim Kutay (ITEM 7a), Ms. Kim Stratton (ITEM 7b), Mr. Mathias Uhlén (ITEM 7c) and Mr. Heine Dalsgaard (ITEM 7e). However, considering that the proxy card does not permit this, it recommends abstention instead. Under ITEM 8, the b...

Expert Corporate Governance Service (ECGS)

Kone - AGM 26 February 2020

In general, Novozymes is in compliance with the Danish regulations relating to the organisation and procedures of the Annual General Meeting. In view of insufficient independent representation on the board as well as concerns over aggregate time commitmetns, ECGS normally would have recommended to vote OPPOSE to the (re-)election of: Mr. Cees de Jong (ITEM 6a), Mr. Kasim Kutay (ITEM 7a), Ms. Kim Stratton (ITEM 7b), Mr. Mathias Uhlén (ITEM 7c) and Mr. Heine Dalsgaard (ITEM 7e). However, considering that the proxy card does not permit this, it recommends abstention instead. Under ITEM 8, the b...

Novozymes – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Expert Corporate Governance Service (ECGS)

Novozymes - February 27, 2019

In general, Novozymes is in compliance with the Danish regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEM 5a, it is proposed to re-appoint Mr. Jorgen Buhl Rasmussen as Chairman of the board of directors. Although he is considered independent, ECGS notes that Mr. Buhl Rasmussen is currently chairing Novozymes' remuneration committee, which is not in accordance with its guidelines. As a consequence, ECGS normally would have recommended opposition. However, considering that the proxy card does not permit this, it recommends abstention instead. Unde...

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